Phoenix Nesties
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?s about Phoenix's economy

I know that Phoenix's real estate prices have really dropped lately, but I'm not sure why. Is there a ton of unemployment? Did home just get too expensive? DH and I are considering a move there and while the lower home prices certainly appeal to us, I'm worried that that means the area is really struggling in other areas of the economy.

Can anyone provide some insight?

Re: ?s about Phoenix's economy

  • I don't know how different it is from any other parts of the country- everyone is hurting.  The real estate prices dropped because about 4 years ago they sky-rocketed.  For example- my house is 6 years old, sold new for $160k.  I bought it 4 years ago for $280k, 3 months later it's value went up to $360k.  Now it's valued around $250k. 

    Unemployment is just as bad as everywhere else, it's going to be hard to get a job. 

    Honestly, even though my DH lost his job last fall (he got a new one right away), I haven't noticed anything in my area.  There are hardly any foreclosed houses in my neighborhood, we still eat out and spend money, and life is the same as it was before the bad economy. 

    Photobucket Baby Birthday Ticker Ticker
  • Some areas of Phoenix are worse than others.  There was some overbuilding of houses and bad loans given out, but it isn't the whole area of Phoenix.  However, I would not move here unless you already have a job.  DH and I moved here a year ago, but only because he had been offered a job.
  • the bubble was bad here because a lot of investors bought up properties and a lot of new homes were being built when the market was hot.  We bought at the height of that, there wasn't that much to pick from and you paid at or above asking prices; bidding wars were common. 

    now people can't afford the homes they bought with ARMs that are now resetting and because of job losses, foreclosures are up and that has way increased the number of houses on the market and driven the prices way down.

    we paid 263k for our crappy little house that is now probably worth less than 200k.  our jobs are pretty secure and we have a fixed mortgage so i feel ok about our situation.  We can't move anywhere else with the way home prices are so we're just going to hang tight.

  • I agree..Unless you have jobs secured, I wouldn't make the move. I was laid off for the second time 2 weeks ago, and finding a job is almost impossible. Unemployment hasn't been this low since '83 I think they said...and for every job posted, about 150 people are applying. The new power plant out by us in Queen Creek had over 800 people apply for jobs! Huh?
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